Transaction Rights on SBI OD account

POSTED BY vishalpratap ON October 15, 2013 7:43 am COMMENTS (11)

I understand that i can only avail transaction rights on SBI OD Maxgain account after full disbursement.

I am in a situation where my sanctioned loan amount is 50 lac and i have taken 41 lacs till now … i want to pay rest 9 lac from out of pocket and not from loan account….. so in this case how will my loan ever be disbursed fully…

i had heard that SBI does a one time debit and credit of 9 lacs to take it as a final disbursement… am i correct or there is another way…??

Also.. can someone provide me the number of RACPC delhi CP…

11 replies on this article “Transaction Rights on SBI OD account”

  1. ashalanshu says:

    Dear Vishal, the branch staff is not co-operating with you. Netbanking is available with all types of accounts with SBI and interestingly there is more focus on netbanking as it ease the work load of branch staff.



  2. vishalpratap says:

    I went to my SBI branch last week and asked for transaction rights… they told me that now we dont give online transaction rights and ATM card. They have issued me a cheque book for the maxgain account using which i can withdraw funds..

    They never asked me how much is the disbursement left .. all they checked is whether my EMI has started … i am not sure if they are correct…

  3. ashalanshu says:

    Dear Vikash, in your case, simply write to SBI that treat the 65L figure as final disbursal and SBI ‘ll do needful to give you Transaction rights.



  4. Vikash says:

    @Vishalpratap: I am in the exact same condition as you. Did your issue get solved?

    @Ashal: There can be valid reasons for someone asking to not take full amount from SBI and thus have transaction rights. For ex: I am a businessman, I have certain amount of surplus money with me that I wish to park in my OD account and withdraw when I wish to for my business purpose or when the demand from builder arise. I had applied for 70L loan out of which 65.5 is already disbursed and I don’t want to take any further amount from bank. Still SBI is refusing to grant me transaction rights on my Max Gain account.

    I hope that clarifies the confusion. Please let me know if someoneelse was able to get the rights enabled in similar scenario.


  5. ashalanshu says:

    Dear Vishal, to get transaction rights, you w’d have to wait till final disbursal. What I meant was, as of now you are planning to pay your own 9L Rs. to builder. So this money ‘ll not be there for you to use in case of need. better to park it in your Max Gain now. Till Builder is not demanding the remaining 9L Rs. from bank, this 9L Rs. parked by you ‘ll save interest on the existing loan amount as for calculation purpose, your o/s loan amount ‘ll be 3268823 (4168823-900000). So instead of paying interest for 41L amount, you ‘ll be paying interest on 32L amount.

    Once the final disbursal is over, you can demand transaction rights from your loan serving branch.

    Hope it clarifies your doubt.

  6. vishalpratap says:

    Uncleared balance : zero

  7. vishalpratap says:

    My details are
    Book balance 41,68,823
    Av balance 8,31,177
    limit 50L
    drawing power 50L

  8. vishalpratap says:

    thanks for the quick reply but it seems i have confused u…
    Let me reiterate
    If i park 9L in my OD account i will save interest for sure but i cant take it out as i dont have transaction rights on that account.
    My question is how do i get transaction rights on the account when my drawing power is 50L and i have drawn 41L till now

    Apologies for the confusion

  9. ashalanshu says:

    Dear Vishal, as you were supposed to pay this 9L Rs. amount to builder from your own pocket, where is the question of withdrawing the same. Please park this amount into your Max Gain now and start saving interest outgo.



  10. vishalpratap says:

    Well i am waiting for last 4 demands for my loan a/c since almost 8 months now. With every passing day i am not able to park additional funds i have in the SB a/c to the OD maxgain account to save on interest outgo..

    If i park these funds in OD account as of today i will not be able to take out these funds now as i don’t have transaction rights….

    so what is the best way for me to transfer these funds in OD account and get the transaction rights activated…

  11. ashalanshu says:

    Dear Vishal, why do you want to pay 9L Rs. from your pocket? is not god that bank pays the 9L Rs. to builder and you park your own amount into OD account.



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